Thoughts from the Road: Asia
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I recently traveled to Southeast Asia with my colleagues Peter Sundheim, from New York, and Richard Bullock, who is based in Singapore and helps to lead our macro effort in the region. During our visit we spent time speaking with macro folks, business executives, deal teams, and clients. The punch line is that Asia has already entered a capital market ‘sweet spot’ at a time when many investors are underweight the region. The oft quoted quip from Mark Twain certainly came to my mind as I experienced firsthand what felt like renewed vitality in the region: “The report of my death was an exaggeration.”
EXHIBIT 1: Asian Markets Have Been Outpacing the U.S. in 2025
2025 YTD MSCI Total Return, %, USD
EXHIBIT 2: When the USD Weakens, Asia Outperforms
Asia vs. DM Relative Performance and the U.S. Dollar
